South Korea Cardiovascular Devices Market Size

South Korea Cardiovascular Devices Market Analysis

The South Korean cardiovascular devices market is expected to register a CAGR of 5.2% during the forecast period. The COVID-19 pandemic had an impact on the manufacturing of cardiovascular devices. 

• Furthermore, the postponement of elective surgeries as a result of COVID-19-related actions had a negative impact on the cardiovascular medical devices industry. While some cardiovascular operations are considered urgent, others have been postponed or delayed since the global pandemic began. As a result, lifestyle adjustments and medication can be suggested instead of cardiovascular procedures for certain individuals. 
• According to the study published in the European Journal of Cardiovascular Nursing in August 2022, at the first surge of the pandemic, cardiac surgery and in-person consultations were often postponed and replaced by remote follow-up. Thus, during COVID-19 pandemic severely impacted studied market growth. Additionally, the market is anticipated to gain momentum in the coming years as the volume of cardiac surgical procedures returns to normal, device manufacture and production improves, along with supply chains.
• The major factor driving the market is the rising global burden of various coronary heart diseases, such as stroke and cardiomyopathy, and increasing preference towards minimally invasive surgeries. For instance, according to the Korea Heart Disease Fact Sheet 2020: Analysis of Nationwide Data published in March 2021, mortality and hospitalizations due to cardiovascular diseases have been on the rise gradually from the last decade, and a substantially high proportion of adults were carrying more than one cardiovascular risk factor in South Korea.
• Additionally, women in South Korea are more likely than males to develop cardiovascular diseases; because women are less aware of these disorders, their symptoms may worsen, and they may require more medical attention, which may lead to a rise in the demand for cardiovascular devices. For instance, according to the study published in Preventive Medicines Report in April 2022, Cardiovascular disease (CVD) is the main cause of death in Korean women among single-organ disorders. In 2020, women had a death rate from cardiovascular and brain disorders that was 1.1 times higher than men's due to the lack of awareness. Thus, the growing burden of cardiovascular diseases is expected to rise in demand for its treatment, thereby boosting market growth.
• Furthermore, over the last decade, technologies employed in the development of cardiology devices have improved significantly, and indications for these devices have broadened. As a result, a rising number of patients are being handled with cardiology devices, leading to exponential therapeutic and monitoring outcomes. Artificial intelligence is one such technology that is having a substantial positive impact on cardiology by improving diagnostic capacities for specific cardiac problems. 
• For instance, in June 2021, Cardiac Insight Inc., a digital health developer focusing on wearable cardiac sensors and automated electrocardiogram (ECG) analysis software, signed a distribution partnership with i.SigNal, Dreamtech's dedicated brand and organization for digital healthcare. The arrangement gives i.SigNal master distribution rights to Cardiac Insight's Cardea SOLO single-use wearable ECG patch and proprietary analysis software system in 23 Asia-Pacific countries, including Korea. Thus, all the above-mentioned factors are expected to boost market growth.
• However, stringent regulatory policies and product recalls may restrain the market growth over the forecast period.